Why You Should Adjust Homeowner's Insurance Coverage After A Remodeling Project
When you purchase homeowner's insurance on your house, you should not just let the policy remain in effect for years without ever evaluating it or adjusting it. Instead, you should evaluate it yearly and even look for quotes from other companies on occasion, and you should also evaluate your policy if you ever complete a major remodeling project in your home. If you recently remodeled your home, here are several reasons to consider contacting your home insurance agent.
The Remodeling Project May Affect the Value of Your House
The first reason you should contact your homeowner's insurance agency after a remodeling project is because there is a good chance the work you completed caused the value of your house to increase. For example, if you remodeled your entire kitchen, there is a good chance your home might be worth a lot more than it was prior to the remodeling project. A new kitchen can increase the value of a home by thousands of dollars, especially if the kitchen was extremely outdated prior to doing the work. In fact, any project you complete in your house could increase its value and updating your policy is the only way to reflect the new value in your coverage.
The Project May Affect Your Risk Level
The second reason to call after a remodeling project is due to the changes in risk level the project may have caused in your home. Some projects you complete might decrease the risk level you pose to the insurance company, such as adding storm shutters to your house or adding deadbolts. There are also projects that might increase the risk you pose, and this could include if you added a hot tub or swimming pool to your backyard. Adjusting your policy to reflect your current risk is a necessity if you want to fully protect your home.
Evaluating Your Homeowner's Insurance Regularly Is Vital
Finally, you should understand that evaluating a policy for home insurance on a regular basis is an important thing to do whether you remodel or not. Contacting an agent once a year to update your policy to reflect changes is always a good idea, as doing this will offer you better protection and could help you save money on your premiums.
If you are interested in evaluating your current homeowner's insurance policy or getting quotes for a new one, you can do so by contacting a home insurance agency like Boone Ritter Insurance.